#10 Good Reasons To Choose A Franchise
Have you decided that 2021 is the year you’re finally going to make a change, take the leap, from employee to entrepreneur?
If so, you’re not alone - more people than ever are kissing goodbye to the company pay check and striking out on their own. But making the decision to be your own boss is a big one. And choosing between a start-up, buying an existing business, or investing in a franchise can make the decision making process even harder.
So we asked our Director of Franchising, John L. Scott, to give us his top ten reasons why buying a Franchise makes sense.
#1 You’re getting a proven business model
When you buy into a franchise, you acquire the years of experience and the proven operating system of the franchisor. A great deal of time and money are spent in trial and error by any new business, but a proven franchise gets rid of many of those start-up problems, allowing anyone to open a franchise despite little or no previous experience in business or a specific industry. Much of the work needed to launch a business idea has already been done. Products and services will have been established and tested, branding and trademarks registered, data collected on what locations and demographics work best for the business. The franchisor has already worked out the pitfalls, and created a solid scaleable foundation and roll out methodology - everything from equipment and site selection, to marketing, pricing, and product or service range, so that you don’t have to rely on guesswork or learn from mistakes.
#2 You’re harnessing the power of an established brand
Joining a reputable franchise that has already established a strong corporate image means you’re starting with a customer base that’s already familiar with your business, and harnessing the power of brand awareness from day one. So you benefit from selling a trusted and successful product or service without the need for you to invest in building overall brand awareness to support sales.
#3 You’re able to hit the ground running
By buying a franchise, you’re actually acquiring a turnkey business that will help you get your business up and running much faster. Using a tried and tested roll out formula and having central launch support means you get a head start and can focus on building your customer base right from the get go.
Having access to pooled data will allow you to get an idea of your potential performance against averages of the other businesses across the network and, even before launching, you will be able to have access to real time network performance data from the franchisor, to help with your business planning.
#4 You’ll minimise risk
There’s no denying that it’s risky starting up on your own. In fact all the statistics show that around 25 percent of startup businesses fail within their first year, and about 50 percent of the remaining fail within five years. So with a franchise, what you’re really investing in is the proven concept and security of being part of a network, which significantly increases your chances of success. While there’s never a guarantee of success, having the backing of an experienced brand with a proven system is something of a shortcut to establishing a prosperous business.
#5 You’ll get comprehensive training
If you’ve never run a business before it can be daunting to start up on your own, and you’ll find yourself wearing a lot of new hats. But not as much, if any, experience is needed to start in a Franchise because training provided by the franchisor will help franchisees gain or bolster the skills required to operate the franchise. You will need to bring drive, enthusiasm and a strong sense of commitment, but as part of a Franchise, you’ll have a full induction, learning everything from the key policies, and budgeting, to on-the-job training. You’re also likely to have a full suite of training material and other central support resources available to you. This preparation helps set you up for potential success, and ensures you’re running your business efficiently – avoiding the mistakes many new business owners face.
#6 You’ll still be your own boss
Being a franchisee still means you own your own business. You make the decisions, you run the show and you’re responsible for your profit line. But you share common systems and support a single brand so that your odds of success increase. And while your franchise is your responsibility, your success is also the success of the franchise, so you’re surrounded by a support system from the moment you start. – including ways to improve sales, and cut costs, or to respond to unseen change, such as during the events of 2020.
#7 Get advanced systems and software
It can take a lot of time and investment to develop or acquire software and systems for your business, especially if you want access to your data 24/7, from any location, and on any device, giving you the freedom to work at a time and location that suits you. A good Franchisor will have already developed tried and tested cloud based systems that make running your business more efficient and effective, saving you time and minimising manual input.
As well as looking after the Brand, Franchisors often provide specialist central support in areas such as HR, systems, purchasing and central marketing, leaving you free to get on with the day to day running and client service.
#8 You’ll never feel alone
As part of a franchise network you won’t ever feel like you’re on your own. The HQ team is just a call away, so you can get the help or advice you need from experts that understand your business inside out. Not only does the franchisor give you support in the form of training, an operations manual for you to refer to, and additional ongoing advice and support, you can also tap into the knowledge of other franchisees. Often, some of the most effective ideas come from franchisees who then share their ideas with the corporate office and out to other franchisees. Conferences and meetings, both virtual and physical, help to cement the culture of teamwork.
#9 You’ll still have room for growth
Despite it being a less risky route than starting up on your own, there is still significant room for reward with a franchise. It is in the Franchisor’s interests for you to do well and be profitable with your franchise, so they will support you in achieving this. And once everything is going well and you’re ready for more, those that are ambitious can go for growth, expanding their portfolio by opening multiple sites. In fact 53% of global franchises are owned by people who have more than one franchise unit.
#10 There’s something for everyone
With so many different franchises to choose from, there’s something out there for everyone. Whether you’re looking for improved work-life balance, want to follow your passion, or simply to be your own boss, you can choose the franchise that accommodates your needs.
If you think that owning a franchise would be the right route for you, why not find out more about joining the Studio Pilates franchisee family? The Studio Pilates® business model is highly streamlined, extremely scalable and delivers results for our clients and our franchisees.
Click for more information or call now to book a chat with us.
